Hot Line +37410 511 211

Progress

Deposit "Progress"

The terms of accepting the deposit are as follows:

Deposit currency:

AMD, USD, EUR

Deposit type:

Without an option of increasing the deposit amount and with possibility of partial reduction of the deposit amount

Minimum deposit amount

30,000 AMD, 500 USD, 500 Euro

Deposit term:

45 days, 3 months, 6 months, 9 months, 12 months, 18 months

Interest payment

At the customer's discretion, at the end of the term or each month

Capitalization of interest

Interest calculated during the term of the deposit is not accrued on the deposit balance

Maximum limit on partial withdrawal of deposit amount

As a result of withdrawals, the deposit amount should not be less than the minimum deposit amount

Interest rate of the deposit in case of making it online

 Simple annual deposit interest rate and interest yield

Simple annual interest rate - with interest payments at the end of the deposit term

Deposit currency:

Deposit term:

45 days

3 months

6 months

9 months

12 months

18 months

AMD

5.5%

6.5%

7.5%

8.5%

9.5%

9.75%

US dollars

1.5%

2%

3%

3.5%

4.5%

4.75%

Euro

0.25%

0.5%

0.75%

1%

1.5%

1.75%

Annual interest yield - in case of interest payments at the end of the deposit term

Deposit currency:

Deposit term:

45 days

3 months

6 months

9 months

12 months

18 months

AMD

5.63%

6.66%

7.64%

8.59%

9.5%

9.52%

US dollars

1.51%

2.02%

3.02%

3.52%

4.5%

4.69%

Euro

0.25%

0.5%

0.75%

1%

1.5%

1.74%

Simple annual interest rate - with interest payments on a monthly basis

Deposit currency:

Deposit term:

3 months

6 months

9 months

12 months

18 months

AMD

6%

7%

8%

9%

9.25%

US dollars

1.75%

2.75%

3.25%

4.25%

4.5%

Euro

-

0.25%

0.5%

1%

1.25%

Annual interest yield - with interest payments on a monthly basis

Deposit currency:

Deposit term:

3 months

6 months

9 months

12 months

18 months

AMD

6.17%

7.23%

8.3%

9.38%

9.65%

US dollars

1.76%

2.78%

3.3%

4.33%

4.59%

Euro

-

0.25%

0.5%

1%

1.26%

Interest rate of the deposit in case of making it at the branch

Simple annual deposit interest rate and interest yield

Simple annual interest rate - with interest payments at the end of the deposit term

Deposit currency:

Deposit term:

45 days

3 months

6 months

9 months

12 months

18 months

AMD

5%

6%

7%

8%

9%

9.25%

US dollars

1%

1.5%

2.5%

3%

4%

4.25%

Euro

0.25%

0.5%

0.75%

1%

1.5%

1.75%

Annual interest yield - in case of interest payments at the end of the deposit term

Deposit currency:

Deposit term:

45 days

3 months

6 months

9 months

12 months

18 months

AMD

5.11%

6.14%

7.12%

8.08%

9%

9.05%

US dollars

1%

1.51%

2.52%

3.01%

4%

4.21%

Euro

0.25%

0.5%

0.75%

1%

1.5%

1.74%

Simple annual interest rate - with interest payments on a monthly basis

Deposit currency:

Deposit term:

3 months

6 months

9 months

12 months

18 months

AMD

5.5%

6.5%

7.5%

8.5%

8.75%

US dollars

1.25%

2.25%

2.75%

3.75%

4%

Euro

-

0.25%

0.5%

1%

1.25%

Annual interest yield - with interest payments on a monthly basis

Deposit currency:

Deposit term:

3 months

6 months

9 months

12 months

18 months

AMD

5.64%

6.7%

7.76%

8.84%

9.11%

US dollars

1.26%

2.27%

2.78%

3.82%

4.07%

Euro

-

0.25%

0.5%

1%

1.26%

 

In case of investing amount in excess of 50,000,000 AMD, 100,000 USD, and 50,000 Euro, an interest rate is set on a contractual basis.

 

In case of investing "Progress" and "Karas" deposits (in AMD and USD) through AS Internet Bank system or Converse Mobile application, the interest rate will be set 0.5 % higher than the Bank's current interest rate.

Attention

Income tax is collected on interest payable. The income tax for deposits placed in the territory of the Republic of Armenia will be calculated at the rate of 10%, and in the territory of the Republic of Artsakh - at the rate of 5%.
 

Partial withdrawals of the deposit amount

During the deposit term, the depositor may perform partial withdrawals of the deposit amount. In that case, the accumulated and/or accrued interest is recalculated as of the date of withdrawal under the following conditions:

Time elapsed since the date of signing the deposit agreement up to the withdrawal date

The interest rate accepted as the recalculation rate

Up to 45 days inclusively

Interest rate set for demand deposit in the bank - 0.1%

More than 45 days and up to 3 months inclusive

interest rate on Progress deposit for a period of 45 days in the relevant currency

From 3 months to 6 months inclusively

interest rate on Progress deposit for a period of 3 months in the relevant currency

From 6 months to 9 months inclusively

interest rate on Progress deposit for a period of 6 months in the relevant currency

From 9 months to 12 months inclusively

interest rate on Progress deposit for a period of 9 months in the relevant currency

More than 12 months

interest rate on Progress deposit for a period of 12 months in the relevant currency

Calculation example:

In case of the following conditions:

Initial deposit amount

1,000,000 AMD

Date of making the deposit

01/03/2021

Deposit term

12 months (until 01/03/2022)

Annual interest rate

9%

Interest payment

At the end of the term

Income tax

10% on interest income

The interest on the deposit is calculated as follows:

One day interest income:
Leap year:

1,000,000.00 (invested amount) x 9/100 (annual interest rate) / 365 (number of days of the year) = 246.58

Total interest income for twelve months
246.58 x 365 = 90,000

Net interest income for twelve months
90,000 - 9,000 (10% of total interest income is the amount subject to income tax) = 81,000 (interest payable to the depositor at the end of the deposit term)

The calculated amounts are rounded up to one hundredth. 

 

  ATTENTION!

Annual interest rate on the deposit

 

The interest on the funds in your account is calculated on the basis of simple interest rate, and the annual interest yield shows the income you would receive as a result of making mandatory payments related to deposit and receiving interest earned on a regular basis.

The calculating the annual percentage yield on the deposit is made on the basis of the following formula provided by the Central Bank of the Republic of Armenia Regulation 8/02 "Calculation of the annual percentage yield of bank deposits":

        

where:

  • A - initial deposit amount
  • n - the number of cash flows for the deposit
  • N - the last number of cash flow for the deposit (including the cash flow at the time of making the deposit), after which the term of the deposit agreement is considered expired.
  • Kn - cash flows on deposit made upon making the deposit and/or during the deposit term and/or capitalized interest, and mandatory payments, if any.
  • Dn - the number that indicates the quantity of days elapsed since the day of making the deposit up to the next - n-th cash flow for the deposit, inclusively (at the time of making the deposit: D1 = 0)
     

General terms of accepting deposit

  1. The deposit is validated on the basis of an agreement.
  2. According to the agreement, more than one person can be a depositor, in which case the agreement is signed by all parties and the deposit is managed and used with the right of joint ownership.
  3. If more than one person is a depositor, the amount of the deposit or a part of it as well as the interest accrued on it can be paid either on the condition of mandatory presence of all parties; or it can be paid to only one of the persons involved, on the basis of a notarized power of attorney signed by the other parties.
  4. Replenishment of the deposit amount during the deposit term is not allowed.
  5. The depositor has the right to make the deposit to the Bank in the name of a third party in accordance with the RA legislation and in accordance with the procedure established by the Bank's internal legal acts.
  6. The deposit can also be made online (without the possibility of making a deposit in favor of a third party) with the help of the Online Banking system https://conversebank.am/en/internet-banking/ .
     

The procedure for calculation and payment of interest

  1. Interest on the deposit amount is calculated on the actual balance available on the deposit account - starting from the day when the deposit has been received by the Bank up to the day preceding the day when it is returned to the depositor or written off from the depositor's account on other grounds.
  2. The Bank calculates interest using a simple interest rate, on the basis of a demarcation line of 365 days for a year or 366 days for a leap year.
  3. The interest is calculated daily on the available account balance.
  4. In case of time deposit in foreign currency, the interest is paid to the depositor in AMD at the purchase rate of the respective currency set by the Bank as of the payment date, or at the depositor's discretion - in the currency in which the deposit was attracted.
  5. Interest accrued on the deposit amount, which the depositor did not receive within the period specified in the deposit agreement executed with the bank, shall be paid out by the Bank upon the first demand of the depositor.
  6. After the expiration of the term of the deposit agreement, if the depositor does not demand payment of the deposit amount and accrued interest, the agreement is considered extended under the conditions established for the demand deposit valid at the Bank at that time.
     

Additional information:

  1. Opening and servicing a term deposit account is free of charge.
  2. Upon expiration of the deposit agreement, the deposit account is closed.
  3. The depositor may not carry out current banking operations on the deposit account, except for the deposit attraction, redemption and partial withdrawal operations.
  4. No commission is charged for payment of the interest accrued on the deposit, as well as of the funds deposited in the deposit account to depositor in cash.
  5. Information related to the deposit made in the Bank is considered to be a bank secret and its confidentiality is guaranteed by the Bank.
     

Early termination of the deposit agreement

  1. If the time deposit is returned at the request of the depositor before the end of the term, the interest is recalculated on the basis of the submitted application at the interest rate set for the demand deposit in the Bank at that time (currently 0.1%), unless otherwise provided by the agreement.
  2. If the depositor terminates the foreign currency term deposit agreement on the condition of concluding a term deposit agreement in AMD on the same terms, then interest is not recalculated.
     

Communication with the Bank

You have the right to communicate with Converse Bank CJSC in any format at your discretion - by postal mail or by electronic communication methods. It is most convenient to receive information electronically, as it is available 24/7, free from the risk of loss of paper-based information and ensures confidentiality.

Tariffs for the provision of Extracts and References

Provision of Extracts1 in person at the Bank's premises (including VAT)

For individuals

By the periodicity established by the RA legislation (once) - AMD 0

Provision of additional statement in addition to the periodicity defined by the RA legislation - dating back up to 3 years - 1,000 AMD

Dated back to 3 years and more (in case it is available in the bank ) - AMD 3,000

For legal entities

One-time (regardless of the periodicity) -AMD 0

In case of providing a duplicate:

  • Dating back up to 1 month - AMD 1,800
  • Dating back from 2 months to 1 year - AMD 3,000
  • Dating back from 1 year to 3 years - AMD 12,000
  • Dating back to 3 years and earlier - AMD 24,000 (if stored in the Bank)

 

References to be presented to different institutions1 (including VAT)

In case of deposits opened within one month2

AMD 5,000

In case of deposits opened earlier

AMD 3,000

Based on the application submitted through the bank's website

AMD 3,000

1 In case of simultaneous provision of a statement and reference to the same Customer and charge envisaged for the reference, the charge will be collected for reference only.
2 In case of more than one active account, the opening date of account which has been opened earlier is taken into consideration irrespective of whether or not included in the statement.

Copies of documents, transaction substantations and other information (including VAT)

Dating back up to 1 month

1,800 AMD for each document

Dating back up to 1 year

3,000 AMD for each document

Dating back to more than 1 year

12,000 AMD for each document

Delivery of the Extract by postal service (including VAT)

In the Republic of Armenia and Artsakh

For individuals - 0 AMD

For legal entities - 500 AMD

International

  • Tariff set by the shipping service provider, if established by law and contract.
  • In other cases, the fee set by the shipment service provider + AMD 1,500

 

Delivery of the Extract through the delegated delivery service (including VAT)

In the Republic of Armenia and Artsakh

AMD 3,000

International

Tariff set by the delivery service provider
+ 3,000 AMD

Attention

The Bank may not unilaterally reduce the amount of interest determined by the agreement on deposit which the individual has invested on the condition of redeeming it after the expiration of a certain period or upon occurrence of circumstances stipulated in the agreement.

The Bank has the right to unilaterally change the amount of interest determined by the agreement on deposit which the legal entity has invested on the condition of redeeming it after the expiration of a certain period or upon occurrence of circumstances stipulated in the agreement, by means of notifying the depositor legal entity within seven days after the change. The change in the amount of interest shall take effect on the 31st calendar day after the legal entity - depositor has been notified in writing. In case the customer does not agree to the new condition, the Agreement is terminated, and the bank pays the deposit amount and accrued interest to the customer.

The Bank is entitled to modify and supplement the tariffs for additional services provided by notifying the Customers in accordance with the contract, by posting a relevant message on its own website ( www.conversebank.am ), by posting announcements on the Bank's premises, by sending a notification by post, and by any other methods  proposed by the Bank selected at the Customer's preference, which is considered a due notification of the Customer.

In accordance with the RA Law on Combating Money Laundering and Terrorist Financing, on the basis of the Know Your Customer Principle, the Bank may require the Customer to provide additional documents or other information, as well as ask questions during verbal communication, for the purpose of conducting due diligence of the Customer.  

The Bank may collect additional information in accordance with the terms of an agreement with the US Government under the Foreign Account Tax Compliance Act (FATCA) to determine your eligibility for being a US taxpayer.

The account and the client's rights to dispose of the cash on the account may be restricted by a court decision on the basis of an application submitted by the law enforcement bodies or tax authorities or other competent bodies in accordance with the procedure established by law.

Withdrawal of funds from the account without the customer's instruction may be carried out by a court decision on the basis of an application submitted by the court enforcement authorities and the tax authorities. These are reflected in the customer's bank account statements, which are provided to the customer in the manner agreed between the Bank and the customer.

 

List of required documents

In the case of individual customers (except sole proprietors)

Personal identification document

Public Service Number (PSN) or a statement of non-receipt of a PSN (required only in the case of RA residents and/or citizens) is not required if the customer submits an ID card as an identification document, where the PSN is indicated.

In case of the customer which is a resident legal entity, or an organization that is not a legal entity/does not have the status of a legal entity (hereinafter referred to as a legal entity)

Charter

The decision of the founder established by the legislation for the respective types of organizational entities, pr protocol of the general meeting of founders( founding meeting ), if the information on founder (s)' , ( shareholders' , participants' ) shares and other data are not available in the Charter , specifically:

  • In case of the shareholders or participants being individuals - information on the size of the shares, data of the identity document, registration address, telephone number (if available)
  • In case of shareholders or participants being a legal entity - charter of the organization, state registration certificate, in case of joint stock company - a reference on shareholders with more than 5% shares, provided by the Central Depository of Armenia, Tax Identification Number, if not included in the state registration certificate

In case of being engaged in types of activities established by the RA Law" On Licensing " - the relevant license ( if applicable )

Certificate of state registration / record provided by the agency of the RA State Register of Legal Entities

Taxpayer identification number (TIN / Tax Code), if it is not included in the registration certificate of the legal entity

Copy (copies) of identification document (s) of the Company's manager (s) as identified by the Charter

If the customer is a non-resident legal entity

Charter

Founding documents in accordance with the legislation of that country (certificate of incumbency, certificate of incorporation, etc.)

Information about shareholders, participants, if they are not presented in the charter, particularly:

  • In case of the shareholders or participants being individuals - information on the size of the shares, data of the identity document, registration address, telephone number (if available)
  • In case of shareholders or participants being a legal entity - charter of the organization, state registration certificate, in case of joint stock company - a reference on shareholders with more than 5% shares, Tax Identification Number

In case of being engaged in types of activities established by the RA Law" On Licensing " - the relevant license (if applicable )

Certificate of state registration issued by the relevant body of the country

Copy (copies) of identification document (s) of the Company's manager (s) as identified by the Charter   

In case of sole proprietors:

Certificate of state registration provided by the relevant agency of the RA State Register of Legal Entities

In case of being engaged in types of activities established by the RA Law" On Licensing " - the relevant license ( if applicable )

Taxpayer identification number (Tax Code), if it is not included in the registration certificate

Personal identification document

Public Service Number (PSN) or a statement of non-receipt of a PSN (required only in the case of RA residents and/or citizens) is not required if the customer submits an ID card as an identification document, where the PSN is indicated.

 

In addition to the required documents, if the total sum of the previously made and currently active deposits and the deposit invested at this point, exceeds AMD 5 million or its equivalent in foreign currency, the customer is required to provide proof of origin and/or a statement of the source of funds.
The above-mentioned documents are not required from the Bank's account-holder clients, who have the required documents and substantiations proving the source of funding available in their legal file.
If the submitted documents are not in Armenian, English or Russian languages, they are required to be translated into the above-mentioned languages and validated by apostille or notarization.

Your financial directory

"Your financial directory" at www.fininfo.am , is an electronic system combining services offered to individuals that makes it easy to search, compare and find the most effective option for you.
https://www.fininfo.am/finhelper/index.php?type=deposit:

Notice on the terms and conditions of the deposit refund guarantee

The deposit refund guarantee is provided by the Deposit Guarantee Fund (hereinafter referred to as the Fund).

The currency structure of the deposit

Maximum amount of deposit guarantee

If you have only an AMD-denominated deposit in the same bank

16 million AMD

If you have only a foreign currency-denominated deposit in the same bank

7 million AMD

If you have both AMD-denominated and foreign currency-denominated deposit in the same bank

If the AMD-denominated deposit is more than 7 million AMD

16 million AMD (only AMD deposit is guaranteed)

If the AMD-denominated deposit is less than 7 million AMD

7 million AMD ( ­AMD- denominated­ deposit is guaranteed in full, and the foreign currency-denominated deposit is guaranteed in the amount of difference between 7 million AMD and the difference between the amount of deposits subject to refund)

Location of the foundation: c. Yerevan, Khorenatsi 15 ("Elite Plaza" business center)
Phone: 374 10 583514

Procedure for resolving disputes

Any disputes and disagreements between the Customer and the Bank shall be resolved first by mutual negotiation, and should the agreement not be reached by such methods, the disputes and disagreements shall be resolved in accordance with the procedure prescribed by the RA legislation both per court procedure, and through financial system obmudsman.

Notice on Financial System Mediator

Please be informed that according to the RA Law on Financial System Mediator, in case of property claims arising out of services rendered to you by Converse Bank CJSC, disputes and disagreements for not exceeding million AMD or equivalent foreign currency may be resolved through the Financial System Mediator.
According to an agreement between the Bank and the Office of the Financial System Mediator, the Bank waives the right to challenge the Financial System Mediator's decisions only in relation to property claims not exceeding 250,000 (two hundred and fifty thousand) AMD or equivalent currency, and on transaction amounts not exceeding 500,000 (five hundred thousand) AMD or equivalent foreign currency.

Address: 0010 Yerevan, Khorenatsi str. 15,
"Elite Plaza" business center, 7th floor 
Email: [email protected]
Telephone: (+37460) 70-11-11
Fax: (+37410) 58-24-21:

Contact with the Bank

For more details and more information you can:

  • visit the Bank's website at https://www.conversebank.am
  • visit the Bank's Customer Service at the Head Office or any branch
  • Call: 374 10 511211
  • Viber: 374 95 511211
  • Skype: conversebank-callcenter

 

Updated 13.04.2021 09:00   

 

Now you can open Progress Deposit via AS Internet-Bank. Follow the guidelines here.